UOB Absolute Cashback Card Review (2024): 1.7% Cashback, Some Questions Asked

Now we know what you’re thinking: do we really need yet another cashback card? But instead of being ‘yet another’ cashback card, the UOB Absolute Cashback Card brings something unique to the table: 1.7% cashback, with no minimum spend, no cap, and no spending exclusions.

That’s right, no spending exclusions.

Get to know one of UOB's best credit cards for fuss-free spending below.

UOB Absolute Cashback Card product summary:

• 1.7% unlimited cashback on all spend, including insurance premiums, school fees, wallet top-ups, healthcare, rental payments, utility and telco bills, and more

• No minimum spend required

• No cap on cashback earned

• Access to both American Express and UOB privileges 

• Cashback earned will offset the next statement month's credit card bill

The UOB Absolute Cashback Card has an income requirement of just S$30,000 per year, the MAS-mandated minimum for credit cards. There’s a S$196.20 annual fee, which is waived for the first year.

Cardmembers earn a flat 1.7% cashback on all transactions, with no minimum spend and no cap. This alone would make it the best ‘no minimum spend’ cashback card on the market.

💡 For context, the Maybank FC Barcelona and Citi Cash Back + Mastercard earn a flat 1.6% cashback, while the American Express True Cashback Card and the Standard Chartered Simply Cash Card earn a flat 1.5% cashback.

But there’s more. While most banks exclude transactions like school fees, insurance premiums, rental, government payments, charitable donations and prepaid wallet top-ups from earning rewards, UOB Absolute Cashback Card users have no spend exclusions. 

The only exceptions, if you want to call them that, are NETS transactions, 0% instalment payment plans, balance/fund transfers, cash advances, fees and personal loans.

Everything else is fair game—as long as the merchant accepts American Express, you’ll earn your cashback. 

Any cashback earned will be credited to the principal card account and automatically used to offset any bill amount in the following month.

#1: Highest 1.7% unlimited cashback rate on the market

With the UOB Absolute Cashback Card, you stand to earn 1.7% unlimited cashback on almost all spend categories, with no minimum spend or cashback cap imposed. This is perfect for those who prefer fuss-free spending or have an upcoming big-ticket purchase to fulfil.

#2: Earn (reduced) cashback on commonly-excluded MCCs

Let’s pause a minute to think about the possibilities this creates. Right now, most people would be paying for things like insurance premiums or school fees through bank transfers or cheques. Even using credit cards, they’re almost certainly walking away with nothing in return.

Originally, the UOB Absolute Cashback Card offered an effective discount of 1.7% on these transactions. Although it’s not life-changing, it sure beats nothing when you're making big-ticket purchases; imagine getting S$170 back on S$10,000 worth of school fees. 

While we certainly wouldn’t use the UOB Absolute Cashback Card as our regular spending card, we think it would be highly useful for plugging the gaps in situations where other cards don’t offer any rebates or rewards.

The main question we have is: how long can the ‘no exclusions’ clause last for? It’s not difficult to imagine some, shall we say, creative users figuring out ways to manufacture spend (i.e topping up a prepaid account and then liquidating the balance).

Well, it's come sooner than we think.

[Update!] Unfortunately, from 6 May 2024 onwards, the cashback earned on charity, education, government, healthcare, utilities, and other professional services will be clawed back from the bonus 1.7% to the mere 0.3% cashback.

The affected MCCs are as follows:

With these nerfs taking place, there's no doubt that this card's utility will diminish. Regardless, it still earns a decent 1.7% cashback on MCC 6300 (Insurance Sales, Underwriting, and Premiums) and other typical spend categories like dining, food delivery, groceries, retail shopping, and others.

#3: Exclusive AMEX and UOB perks and privileges

While these benefits aren’t unique to the UOB Absolute Cashback Card, they’re worth mentioning nonetheless. 

Cardmembers are entitled to various lifestyle and dining deals and promotions under American Express. 

• Annual fee: S$196.20 (First year waived) 

• Late payment charge: S$100 if minimum payment is not received by due date

• Minimum payment: 3% of current balance or $50, whichever is higher, plus any overdue amounts

• Overlimit fee: S$40 if the total outstanding card balance exceeds the total credit limit at any time

• Interest on purchases: 27.8% p.a. on amount unpaid (including late payment charges) until outstanding is paid in full

• Interest on cash advance: 28.5% p.a. from the date of the cash advance until the date the outstanding is paid in full

• Additional interest: 3% p.a. on top of prevailing interest on any remaining unpaid amount if minimum payment is overdue

• Cash advance fee: 8% of due amount, subject to S$15 minimum fee

• Foreign currency transaction fee: 3.25% on converted amount (1% retained by Mastercard)

• Dynamic currency conversion fee: 1%

• At least 21 years old

• Annual income requirement for Singaporeans/PRs: S$30,000

• Annual income requirement for Foreigners: S$40,000

Click on the ‘Apply Now’ button in this article and complete the application form on SingSaver site. You might need to prepare the following documents for the application process:

• Front and back of NRIC/Passport/Employment Pass

• Salaried employees (Singaporeans/PRs):

  • Fixed monthly salary ≥ S$2,500:

    • Last 12 months' CPF statement

    • Latest original computerised payslip

    • Latest Income Tax Notice of Assessment and last 12 months' CPF statement or latest original computerised payslip

  • Fixed monthly salary < S$2,500:

    • Past 12 months' CPF statement

    • Latest 3 months' computerised payslip

    • Latest Income Tax Notice of Assessment and last 12 months' CPF statement or latest original computerised payslip

  • Length of employment < 3 months: Last computerised payslip, company Letter certifying employment, and monthly salary

• Self-employed: Latest Income Tax Notice of Assessment

Even if you’re a die-hard miles collector, the UOB Absolute Cashback Card will come in handy for situations where your regular credit card does not offer rewards. After all, 1.7% cashback is certainly better than nothing at all!

Our hope is that this card will encourage other banks to loosen up their rewards restrictions as well, creating more scenarios to earn rebates on everyday spending.